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56-411: Psychiko is located 5 km northeast of Athens city centre. It is a strictly residential suburb of Athens, with commercial businesses allowed only within two small designated zones, the "Nea Agora" (New Market) and the "Palaia Agora" (Old Market), with current regulations also restricting buildings to full detachment, and a maximum of 3 floors. Psychiko was historically the home of aristocrats, members of

112-540: A Greco-Roman model to a Judeo-Christian pattern, based on Biblical and traditional Judeo-Christian principles. The transformation was essentially complete in the Middle Ages, although in English-speaking countries there was additional development under the influence of Protestantism . Even when Europe became secularized and Christianity faded into the background, the legal foundation Christendom had laid remained. Only in

168-485: A breath his act was recorded. The first village remained a 'stop' (Stamata) and the second Psychiko. Psychiko is home to many embassies. Old money Old money is "the inherited wealth of established upper-class families (i.e. gentry , patriciate )" or "a person, family, or lineage possessing inherited wealth". It is a social class of the rich who have been able to maintain their wealth over multiple generations, often referring to perceived members of

224-509: A daughter inherits land, she must marry someone within her father's tribe. (The daughters of Zelophehad marry the sons' of their father's brothers. There is no indication that this was not their choice.) The laws of Jewish inheritance are discussed in the Talmud , in the Mishneh Torah and by Saadiah ben Joseph among other sources. All these sources agree that the firstborn son is entitled to

280-442: A double portion of his father's estate. This means that, for example, if a father left five sons, the firstborn receives a third of the estate and each of the other four receives a sixth. If he left nine sons, the firstborn receives a fifth and each of the other eight receive a tenth. If the eldest surviving son is not the firstborn son, he is not entitled to the double portion. Philo of Alexandria and Josephus also comment on

336-464: A family's offspring will remain financially stable. Families with "old money" use accumulated assets or savings to bridge interruptions in income, thus guarding against downward social mobility . "Old money" applies to those of the upper class whose wealth separates them from lower social classes. According to anthropologist W. Lloyd Warner , the upper class in the United States during the 1930s

392-490: A home than those who do not regardless of the size of the inheritance. Often, racial or religious minorities and individuals from socially disadvantaged backgrounds receive less inheritance and wealth. As a result, mixed races might be excluded in inheritance privilege and are more likely to rent homes or live in poorer neighborhoods, as well as achieve lower educational attainment compared with whites in America. Individuals with

448-581: A job, and purchasing a home. The third form of inheritance is the transfers of bulk estates at the time of death of the testators, thus resulting in significant economic advantage accruing to children during their adult years. The origin of the stability of inequalities is material (personal possessions one is able to obtain) and is also cultural, rooted either in varying child-rearing practices that are geared to socialization according to social class and economic position. Child-rearing practices among those who inherit wealth may center around favoring some groups at

504-762: A person cannot be legally disinherited (such as the United States state of Louisiana , which allows disinheritance only under specifically enumerated circumstances ), a person who would be an heir under intestate laws may be disinherited completely under the terms of a will (an example is that of the will of comedian Jerry Lewis ; his will specifically disinherited his six children by his first wife, and their descendants, leaving his entire estate to his second wife). Inheritance has been compared to nepotism . Detailed anthropological and sociological studies have been made about customs of patrimonial inheritance, where only male children can inherit. Some cultures also employ matrilineal succession, where property can only pass along

560-464: A result, this inequality is believed to become part of the overall social structure. Women's unequal inheritance rights refer to the disparities and discriminatory practices that women face in inheriting property and assets compared to men. These inequalities stem from a combination of legal, cultural, and religious practices that often prioritize male heirs over female ones, resulting in significant socio-economic consequences for women. Dynastic wealth

616-482: A substantial amount of wealth and inheritance often intermarry with others of the same social class to protect their wealth and ensure the continuous transmission of inheritance across generations; thus perpetuating a cycle of privilege. Nations with the highest income and wealth inequalities often have the highest rates of homicide and disease (such as obesity, diabetes, and hypertension) which results in high mortality rates. A New York Times article reveals that

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672-496: Is a further concept of joint inheritance, pending renunciation by all but one, which is called coparceny . In modern law, the terms inheritance and heir refer exclusively to succession to property by descent from a deceased dying intestate . Takers in property succeeded to under a will are termed generally beneficiaries , and specifically devises for real property , bequests for personal property (except money), or legatees for money. Except in some jurisdictions where

728-515: Is also the case of Viscount Portman , who is the owner of 100 acres of land north of Oxford Street . Many countries had wealth-based restrictions on voting . In France, out of a nation of 27 million people, only 80,000 to 90,000 were allowed to vote in the 1820 French legislative election and the richest one-quarter of them had two votes. Inheritance Inheritance is the practice of receiving private property , titles , debts , entitlements, privileges , rights , and obligations upon

784-433: Is considered an integral part of Sharia law and its application for Muslims is mandatory, though many peoples (see Historical inheritance systems ), despite being Muslim, have other inheritance customs. The distribution of the inherited wealth has varied greatly among different cultures and legal traditions. In nations using civil law , for example, the right of children to inherit wealth from parents in pre-defined ratios

840-713: Is enshrined in law, as far back as the Code of Hammurabi (ca. 1750 BC). In the US State of Louisiana, the only US state where the legal system is derived from the Napoleonic Code , this system is known as " forced heirship " which prohibits disinheritance of adult children except for a few narrowly-defined reasons that a parent is obligated to prove. Other legal traditions, particularly in nations using common law , allow inheritances to be divided however one wishes, or to disinherit any child for any reason. In cases of unequal inheritance,

896-544: Is founded on the Marxist Labor Theory of Value , any money collected in the course of a lifetime is justified if it was based on the fruits of the person's own labor and not from exploiting others. The first communist government installed after the Russian Revolution resolved therefore to abolish the right of inheritance, with some exceptions. Many states have inheritance taxes or estate taxes , under which

952-514: Is monetary inheritance that is passed on to generations that did not earn it. Dynastic wealth is linked to the term Plutocracy . Much has been written about the rise and influence of dynastic wealth including the bestselling book Capital in the Twenty-First Century by the French economist Thomas Piketty . Bill Gates uses the term in his article "Why Inequality Matters". As Communism

1008-427: Is often persistent across generations and families with higher amounts of inheritance are able to acquire and transmit higher amounts of human capital . Lower amounts of human capital and inheritance can perpetuate inequality in the housing market and higher education. Research reveals that inheritance plays an important role in the accumulation of housing wealth. Those who receive an inheritance are more likely to own

1064-463: Is set out: a man's sons inherit first, daughters if no sons, brothers if he has no children, and so on. Later, in Numbers 36, some of the heads of the families of the tribe of Manasseh come to Moses and point out that, if a daughter inherits and then marries a man not from her paternal tribe, her land will pass from her birth-tribe's inheritance into her marriage-tribe's. So a further rule is laid down: if

1120-467: The de facto aristocracy in societies that historically lack an officially established aristocratic class (such as the United States), in contrast with new money whose wealth has been acquired within its own generation. Wealth —assets held by an individual or by a household—provides an important dimension of social stratification because it can pass from generation to generation, ensuring that

1176-614: The American Revolution (1765–1783), when their ancestors had accumulated fortunes as members of the elite planter class , or as merchants , slave traders, ship-owners , or fur traders . In many cases, especially in Virginia , Maryland , and the Carolinas , the source of these families' wealth were vast tracts of land granted to their ancestors by the Crown or acquired by headright during

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1232-453: The Jewish laws of inheritance, praising them above other law codes of their time. They also agreed that the firstborn son must receive a double portion of his father's estate. At first, Christianity did not have its own inheritance traditions distinct from Judaism. With the accession of Emperor Constantine in 306, Christians both began to distance themselves from Judaism and to have influence on

1288-450: The Law of Moses , the firstborn son was entitled to receive twice as much of his father's inheritance as the other sons ( Deuteronomy 21:15–17 ). If there were no living sons and no descendants of any previously living sons, daughters inherit. In Numbers 27, the five daughters of Zelophehad come to Moses and ask for their father's inheritance, as they have no brothers. The order of inheritance

1344-454: The battle of Marathon and the Marathon run was recorded by Andreas Karkavitsas in the 19th century, and also by Linos Politis . On the plain of Marathon a major battle was once fought; Persians with large fleets came to enslave the land and from there pass to Athens...the blood turned to a river, and reached from the roots of Vranas to Marathon on the other side; it met the sea and painted

1400-647: The colonial period . These planter class families were often related to each other through intermarriage for more than 300 years, and are sometimes known as American gentry . They produced several Founding Fathers of the United States and a number of early presidents of the United States . After the American Civil War (1861–1865), many in the upper-upper class saw their wealth greatly reduced. Their slaves became freedmen . Union forces under Generals William Tecumseh Sherman and Philip Sheridan had also cut wide swaths of destruction through portions of Virginia,

1456-412: The death of an individual . The rules of inheritance differ among societies and have changed over time. Officially bequeathing private property and/or debts can be performed by a testator via will , as attested by a notary or by other lawful means. In law, an "heir" ( FEM: heiress) is a person who is entitled to receive a share of property from a decedent (a person who died), subject to

1512-556: The 18th century and was ennobled by the Habsburg emperor and Queen Victoria . Throughout the 19th century, they controlled the largest fortune in the world, in today's terms many hundreds of billions. The family has, at least to some extent, maintained its wealth for over two centuries. On the other hand, in Britain , the term generally exclusively refers to the nobility - that is, the peerage and landed gentry - who traditionally live off

1568-655: The Carolinas and Georgia. They destroyed crops, killed or confiscated livestock, burned barns and gristmills, and in some cases torched plantation houses and even entire cities such as Atlanta . They were using scorched earth tactics, designed to starve the Confederate States of America into submission. After the Thirteenth Amendment to the United States Constitution (1865) and the emancipation of

1624-603: The Greek royal family, and generally old money people. The area remains one of the wealthiest suburbs of Athens, with very high land value, and a number of embassies, particularly of rich Middle Eastern countries, to be found located in Psychiko, and neighbouring Filothei . This was once home to Queen Frederica of the Hellenes , until the military coup d'état of 1967 . Andreas Papandreou and his wife Margaret also lived in Psychiko before

1680-633: The U.S. is the world's wealthiest nation, but "ranks twenty-ninth in life expectancy, right behind Jordan and Bosnia" and "has the second highest mortality rate of the comparable OECD countries". This has been regarded as highly attributed to the significant gap of inheritance inequality in the country, although there are clearly other factors such as the affordability of healthcare . When social and economic inequalities centered on inheritance are perpetuated by major social institutions such as family, education, religion, etc., these differing life opportunities are argued to be transmitted from each generation. As

1736-542: The above changes, the Quran imposed restrictions on testamentary powers of a Muslim in disposing his or her property. Three verses of the Quran, 4:11, 4:12 and 4:176, give specific details of inheritance and shares, in addition to few other verses dealing with testamentary. But this information was used as a starting point by Muslim jurists who expounded the laws of inheritance even further using Hadith , as well as methods of juristic reasoning like Qiyas . Nowadays, inheritance

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1792-628: The dictatorship. Later, when he became Prime Minister he left Psychiko and moved to Ekali . In recent decades however, many prominent families choose to build their houses in the southern, seaside suburbs, like Glyfada or Vouliagmeni . A number of private schools are located in Psychiko: Athens College and Psychiko College , Moraitis School , the Arsakeio , and the Varvakeio . The name literally means "an act of charity". A popular legend about

1848-491: The early 20th century, the upper-upper class were seen as more prestigious than the nouveau riche even if the nouveau riche had more wealth. During the late 19th century and early 20th century, the nouveau rich flaunted their wealth by building Gilded Age mansions that emulated the palaces of European royalty , while old money was more conservative. American "Old money" families tend to adhere to various Mainline Protestant denominations; Episcopalians and Presbyterians are

1904-594: The era of modern jurisprudence have there been significant changes. The Quran introduced a number of different rights and restrictions on matters of inheritance, including general improvements to the treatment of women and family life compared to the pre-Islamic societies that existed in the Arabian Peninsula at the time. Furthermore, the Quran introduced additional heirs that were not entitled to inheritance in pre-Islamic times, mentioning nine relatives specifically of which six were female and three were male. However,

1960-578: The expense of others at the bottom of the social hierarchy . It is further argued that the degree to which economic status and inheritance is transmitted across generations determines one's life chances in society. Although many have linked one's social origins and educational attainment to life chances and opportunities, education cannot serve as the most influential predictor of economic mobility . In fact, children of well-off parents generally receive better schooling and benefit from material, cultural, and genetic inheritances. Likewise, schooling attainment

2016-525: The female line, most commonly going to the sister's sons of the decedent; but also, in some societies, from the mother to her daughters. Some ancient societies and most modern states employ egalitarian inheritance, without discrimination based on gender and/or birth order. The inheritance is patrimonial. The father —that is, the owner of the land— bequeaths only to his male descendants, so the Promised Land passes from one Jewish father to his sons. According to

2072-536: The inheritance rights of women remained inferior to those of men because in Islam someone always has a responsibility of looking after a woman's expenses. According to Quran 4:11 , for example, a son is entitled to twice as much inheritance as a daughter. The Quran also presented efforts to fix the laws of inheritance, and thus forming a complete legal system. This development was in contrast to pre-Islamic societies where rules of inheritance varied considerably. In addition to

2128-554: The inherited wealth at their disposal or that which they can access in the future, choose to pursue their own career or set up their own businesses. Paris Hilton and Sir Stelios Haji-Ioannou did this. On the other hand, passive "old money" are the idle rich or those who are not wealth producers. "Old money" contrasts with the nouveau riche and parvenus . These fall under the category "new money" (those not from traditionally wealthy families). The Rothschild family , as an example, established finance houses across Europe from

2184-458: The inter generational transmission of income or wealth which is said to have a direct impact on one's mobility (or immobility) and class position in society. Nations differ on the political structure and policy options that govern the transfer of wealth. According to the American federal government statistics compiled by Mark Zandi in 1985, the average US inheritance was $ 39,000. In subsequent years,

2240-568: The intestate laws then apply. The exclusion from inheritance of a person who was an heir in a previous will, or would otherwise be expected to inherit, is termed "disinheritance". A person does not become an heir before the death of the deceased, since the exact identity of the persons entitled to inherit is determined only then. Members of ruling noble or royal houses who are expected to become heirs are called heirs apparent if first in line and incapable of being displaced from inheriting by another claim; otherwise, they are heirs presumptive . There

2296-657: The land inherited paternally. The British concept is analogous to good lineage and it is not uncommon to find someone with "old money" who is actually poor or insolvent . By 2001, however, those belonging to this category—the aristocratic landowners—are still part of the wealthiest list in the United Kingdom. For instance, the Duke of Westminster , by way of his Grosvenor estate , owns large swaths of properties in London that include 200 acres of Belgravia and 100 acres of Mayfair . There

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2352-663: The law and practices of secular institutions. From the beginning, this included inheritance. The Roman practice of adoption was a specific target, because it was perceived to be in conflict with the Judeo-Christian doctrine of primogeniture . As Stephanie Coontz documents in Marriage, a History (Penguin, 2006), not only succession but the whole constellation of rights and practices that included marriage, adoption, legitimacy, consanguinity, and inheritance changed in Western Europe from

2408-406: The majority might receive a small amount while the minority inherits a larger amount. The amount of inheritance is often far less than the value of a business initially given to the son, especially when a son takes over a thriving multimillion-dollar business, yet the daughter is given the balance of the actual inheritance amounting to far less than the value of the business that was initially given to

2464-765: The midst of benefiting from the greatest inheritance of wealth in history". Inherited wealth may help explain why many Americans who have become rich may have had a "substantial head start". In September 2012, according to the Institute for Policy Studies , "over 60 percent" of the Forbes richest 400 Americans "grew up in substantial privilege", and often (but not always) received substantial inheritances. Other research has shown that many inheritances, large or small, are rapidly squandered. Similarly, analysis shows that over two-thirds of high-wealth families lose their wealth within two generations, and almost 80% of high-wealth parents "feel

2520-520: The most prevalent among them. Although many "old money" individuals do not rank as high on the list of Forbes 400 richest Americans as their ancestors did, their wealth continues to grow. Many families increased their holdings by investment strategies such as the pooling of resources. For example, the Rockefeller family 's estimated net worth of $ 1 billion in the 1930s grew to $ 8.5 billion by 2000—that is, not adjusted for inflation. In 60 years, four of

2576-505: The next generation is not financially responsible enough to handle inheritance". It has been argued that inheritance plays a significant effect on social stratification . Inheritance is an integral component of family, economic, and legal institutions, and a basic mechanism of class stratification . It also affects the distribution of wealth at the societal level. The total cumulative effect of inheritance on stratification outcomes takes three forms, according to scholars who have examined

2632-423: The outcome of the battle. He stopped a moment to catch his breath and then took the road again. Finally, he reached Psychiko; there he was almost near death, his feet were shaking, he felt like falling down. But he composed himself, took a deep breath, continued, and finally reached Athens. "We won," he said, and immediately fell down dead. The rider had yet to come. But there where the foot runner stopped and took

2688-426: The overall amount of total annual inheritance more than doubled, reaching nearly $ 200 billion. By 2050, there will be an estimated $ 25 trillion inheritance transmitted across generations. Some researchers have attributed this rise to the baby boomer generation. Historically, the baby boomers were the largest influx of children conceived after WW2. For this reason, Thomas Shapiro suggests that this generation "is in

2744-444: The richest families in the United States increased their combined $ 2–4 billion in 1937 to $ 38 billion without holding large shares in emerging industries. When adjusted for inflation, the actual dollar wealth of many of these families has shrunk since the '30s. From a private wealth manager 's perspective, "old money" can be classified into two: active "old money" and passive "old money". The former includes inheritors who, despite

2800-491: The rules of inheritance in the jurisdiction where the decedent was a citizen, or where the decedent died or owned property at the time of death. The inheritance may be either under the terms of a will or by intestate laws if the deceased had no will. However, the will must comply with the laws of the jurisdiction at the time it was created or it will be declared invalid (for example, some states do not recognise handwritten wills as valid, or only in specific circumstances) and

2856-579: The slaves, many plantations were converted to sharecropping . African American freedmen were working as sharecroppers on the same land which they had worked as slaves before the war. Despite the fact that their circumstances were greatly reduced, the enactment of Jim Crow laws and the disenfranchisement of freed black people allowed many planter class families in the Southern United States to regain their political prominence, if not their great wealth, following Reconstruction (1863–1877). In

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2912-443: The son. This is especially seen in old world cultures, but continues in many families to this day. Arguments for eliminating forced heirship include the right to property and the merit of individual allocation of capital over government wealth confiscation and redistribution, but this does not resolve what some describe as the problem of unequal inheritance. In terms of inheritance inequality, some economists and sociologists focus on

2968-463: The subject. The first form of inheritance is the inheritance of cultural capital (i.e. linguistic styles, higher status social circles, and aesthetic preferences). The second form of inheritance is through familial interventions in the form of inter vivos transfers (i.e. gifts between the living), especially at crucial junctures in the life courses. Examples include during a child's milestone stages, such as going to college, getting married, getting

3024-462: The waves red. Much lamentation and evil took place. Finally the Greeks won... and two men ran to bring the news to Athens; one travelled on horseback and the other on foot in full gear. The rider headed towards Chalandri and the messenger of foot towards Stamata ; swift-footed he ascended Aforesmos and down towards the village. As women saw him, they ran towards him: "Stop", they shouted, wanting to know

3080-461: Was divided into the upper-upper and the lower-upper classes. The lower-upper were those who did not come from traditionally wealthy families. They earned their money from investments and business, rather than inheritance . Examples include John D. Rockefeller , whose father was a traveling peddler ; Cornelius Vanderbilt , whose father operated a ferry in New York Harbor ; Henry Flagler , who

3136-420: Was the son of a Presbyterian minister; and Andrew Carnegie , who was the son of a Scottish weaver. In contrast to the nouveau riche , whose riches were acquired in their own generation, the upper-upper class were families viewed as "quasi-aristocratic" and " high society ". These families had been rich and prominent in the politics of the United States for generations. In many cases, their prominence predated

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